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Cheniere Presses Ahead with Third Train at Corpus Christi

Business & Finance

May 23, 2018

Houston-based energy company Cheniere Energy is moving forward with its plans to add a third train at its Corpus Christi liquefaction project.

Now that the company’s board of directors made a positive Final Investment Decision (FID) with respect to Train 3, Cheniere will give the green light to Bechtel Oil, Gas and Chemicals to continue construction which began in late 2017 under limited notice to proceed.

This represents the first FID on new liquefaction capacity in the United States since 2015, Cheniere said.

“Moving forward with the construction of Train 3 at Corpus Christi reinforces our position as the leader in U.S. LNG,” said Jack Fusco, Cheniere’s President and Chief Executive Officer.

“We continue to see significant tailwinds in the global LNG market and look forward to delivering additional growth and value to shareholders.”

In order to finance the development of the three trains and associated infrastructure, Cheniere Corpus Christi Holdings, Cheniere’s wholly owned subsidiary, secured amendments to the company’s loans bringing the credit facilities to USD 6.1 billion.

The company added that the remaining costs of the CCL Project would be funded from its amended equity contribution agreement with Corpus Christi Holdings, and from cash flows generated by Trains 1 and 2 of the CCL Project after they are placed into service.

Each train is expected to have a nominal production capacity of approximately 4.5 mtpa of LNG.